Rupee rises 20 paise to 94.79 against US dollar in early trade

The rupee reached 94.79 against the US dollar following structural forex interventions by the Reserve Bank of India. Elevated crude oil prices and declining equity markets limited the currency's gains. The dollar index decreased by 0.54 per cent, reflecting the dollar's weakened strength. While US retail sales exceeded forecasts, the Producer Price Index was unexpectedly high. Foreign Institutional Investors also offloaded significant equities on Thursday, impacting domestic market performance.